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The Chinese economy has slowed, but is still expanding at about 5%

China’s economic growth slowed significantly in the third quarter of 2021.

Despite gross domestic product growth of nearly eight percent in the second quarter, this time the country’s statistics office reported growth of just 4.9 percent, less than analysts’ expectations. Meanwhile, China reports economic growth for the sixth consecutive quarter after the downturn caused by the epidemic.

“The national economy has remained on the recovery path in the first three quarters. Stable performance in terms of restructuring and high-tech developments. The international environment is uncertain and its recovery remains erratic,” said Fu Linghui, spokesman for the Statistics Bureau.

Financial Times analysis of the situation in the Chinese economy:

The Statistical Office explains slowing growth with floods in parts of the country, energy supply problems due to carbon shortages, and intermittent outbreaks of coronavirus epidemics. High commodity prices were also an issue, as with Evergrande, the country’s second-largest real estate developer, in a position close to bankruptcy.

China is the world’s fastest growing economy after the shock of the coronavirus epidemic. The recession only lasted until April of last year, and the economy continued to expand into 2020, making it one of the world’s leading countries.

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